Pfizer, Allergan Move On

Back in November 2015, Pfizer and Allergan announced they would combine to create the biggest drug merger ever. Despite the hype of the merger, the companies are now abandoning the deal because of new Treasury Department rules created to deter inversions, which garner lower tax rates by moving tax headquarters overseas. Pfizer’s decision marks the biggest withdrawal ever from a deal but both companies are making strides to move forward separately.